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Apple is experimenting with a new cloud-based music service, but as anyone in the business market knows, a service or product is only as good as the name you give it. Apple has been taking some time to come up with that name but now they just may have found one that most people will be quite pleased with.

Apple has recently acquired the domain name iCloud.com from the Swedish-based Xcerion who is known for providing “hybrid cloud computing.” This report comes from GigaOm who cited an anonymous tipster. GigaOm’s source has stated that Apple reportedly paid $4.5 million for the domain name.

However, despite GigaOm’s “source” neither Apple nor Xcerion has confirmed a sale. It is also noteworthy to mention that the site’s Whois data shows that the domain name is still owned by Xcerion. Xcerion used to operate its cloud-based storage service on iCloud.com, however, earlier this month moved the service to CloudMe.com.

Speculation is circulating that Apple is nearing the launch of a cloud-based music service which would allow customers to store their music libraries on the Web for easy access from anywhere they have internet access.

Amazon.com last month launched its very own digital music cloud-based service which allowed customers to store all of their music on the internet. Amazon’s service also allowed customers to store their videos and e-books online as well. However, this service launched without any licensing content from record labels, potentially putting the service at a disadvantage compared to others that have the licenses and can, essentially, deliver a more well-rounded service with a lot more features.

Reports surfaced last week stating that Apple signed a deal with Warner Music Group in order to license that label’s content for its online services. Google, on the contrary, may be partnering with music-streaming service Spotify in order to power its own version of a cloud-based music service.

Source: CNET – Report: Apple floats $4.5 million for iCloud domain

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